EUR/NZD Up 57 Pips in Last 4 Hours, 4 Day Down Streak Broken; Eyes 20 Day Average

EUR/NZD 4 Hour Price Update

Updated March 31, 2020 01:04 PM GMT (09:04 AM EST)

EUR/NZD is up 57 pips (0.31%) since the previous 4 hours (opening the current 4 hour candle near 1.8418), marking the 2nd candle in a row an increase has occurred. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 9th in terms of percentage change since the previous 4 hours.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of EUR/NZD’s 4 day down streak; price ended yesterday up 19 pips (0.11%) to finish the day at a rate of 1.8372. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Let’s take a look at price chart of EUR/NZD.

EUR/NZD Technical Analysis

The first thing we should note is that the current price of EUR/NZD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 76.9 pips away. Volatility for EUR/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 16 out of the past 30 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 7 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.54, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

4H CHART EXPLANATION:🔸 Price broke the Ascending Trendline..🔸 It has bounced at the Upper Trendline of the Daily Ascending Channel..🔸 We consider it has potential to reach the lower Trendline..🔸 We will look for a lower timeframe bearish setup. DAILY CHARY ANALYSIS: